A FARMER'S BANKRUPTCY

Pukekohe & Waiuku Times, Volume 3, Issue 260, 29 December 1914, Page 2

A FARMER'S BANKRUPTCY

A settler at Pukekohc, named Johann W. Bensemann, has been adjudicated a bankrupt. In his statemsnt to the Official Assgnec, debtor sets down his total liabilities at £371 owing to unsecured creditors, and bis assets at £357, leaving a deficiency of £l4. In January, 1913, debtor was appointed to promote the Pukekohe Milk Supply Co., in conjunction with another man whose father was financing the affair. Debtor at the start was promised shares, and the sole management.. In December, 1913, a limited liability company was formed, but owing to disagreement over the management debtor left the company. Two months later the company went into liquidation, and debtor's claim for £55 salary was disallowed. Witness started farming, and lost £3O upon his crop of potatoes. He was forced to sell property at Morrinsville for £7B instead of £250. His wife had leased her property, with a compulsory purchasing clause; but owing to the moratorium J the money could not be collected. She then tried to sell her equity of £9OO for £7OO, tbrtugh an exchange in native lands, but that was stopped by a Government proclamation affecting the block for twelve muDtbß. Owing to the drought, debtor's crop of cauliflower proved a failure, the ground not having cleared the rent for the year. Hi* wife was prepared to pay his creditors in full if they would wait until the property at Morrinnville was sold.

The first meeting of creditors will he beld on January Btb, f